John Deere Crushes Q2 Earnings Expectations

May 22, 2015

John Deere reported second-quarter earnings that beat expectations for profit and revenue.

Sales of construction and forestry equipment rose two percent to $1.63 billion, which is also expected to rise another two percent for the year. Its unit that gives loans to customers to buy Deere equipment also improved, with revenue rising 14 percent to $653 million.

Earnings per share came in at $2.03, much better than expectations for $1.56, according to Bloomberg. The company reported sales of $7.4 billion, missing estimates for $7.51 billion due to a slump in agricultural equipment sales.

Profit for 2015 is now expected to be around $1.9 billion, the company said, up slightly from the $1.8 billion it had projected earlier this year.

Shares rose about two percent in pre-market trading.